High tenant turnover can directly impact your profit as a real estate owner in Tacoma. Losing a tenant can mean a number of things.
First and foremost, it means lost income. Without a tenant, it essentially means that you won’t get paid at the end of the month. As a result, you will have to look elsewhere to pay for property expenses like taxes.
Secondly, you have to bring the property to a rent-ready state. You may need to change the carpet, repaint the property, or fix broken appliances. Depending on the extent of the damages, these may cost you both time and money.
Thirdly, you would need to re-advertise your rental property. While some platforms like rental listing sites may be free to post on, newspaper ads and social media marketing can be costly.
Lastly, you would need to screen tenants. Screening prospective tenants help improve the chances of landing a great renter. One who will pay rent on time, care for the property, and rent long-term.
With our experience in property management, we’ve learned that lowering tenant turnover is key to your rental business’ success. One way in doing so is by keeping your Tacoma renters happy. Continue reading to know exactly how to achieve this.
6 Tips to Keep Your Renters Happy
Tip #1: Ensure your lease agreement covers all basics.
Before renting out your property, make sure that the lease agreement includes all the important terms. From the acceptable payment methods for rent to pet policies, ensure your agreement covers all aspects.
Doing this will help avoid confusion and misunderstandings between you and the tenants.
You also want to be fair when it comes to enforcing the terms of the lease. Besides adhering to the law, this will also help make tenants respect you for your professionalism.
Tip #2: Respect your tenant’s right to privacy.
This is a common mistake that many landlords make. Being the property owner doesn’t give you the right to enter the property as you wish. Simply stopping by to say ‘hi’ without providing adequate notice may be an infringement to their privacy.
Repeated violations may be costly. In fact, as per the state’s landlord-tenant act (RCW 59.18.150), each repeated violation can cost you $100.
To access the premises, you’ll need to provide your tenant with adequate notice. The notice period depends upon the circumstances for which you request entry.
According to the state’s laws, instances where access is needed to show a unit requires 24 hours’ notice. For all other situations, you’ll need to provide a notice of at least 48 hours.
Additionally, the reason for accessing the rental premises must be reasonable. Common reasons include to show the apartment, to provide essential services, to deliver large packages, and to make repairs or improvements.
Tip #3: Respond to maintenance issues promptly.
Few things are more frustrating for a tenant than having unaddressed maintenance requests. It’s can be even more frustrating when a landlord doesn’t answer calls or emails.
As a landlord, it’s your responsibility to ensure the property is well-maintained at all times. Being proactive with property maintenance and routinely performing property inspections will help keep your tenant happy.
Addressing issues swiftly can also help you keep the costs of repairs and maintenance low.
Tip #4: Consider allowing tenants to keep pets.
Americans love pets. In fact, an estimated 68% of American households have pets, according to a survey conducted by the American Pet Products Association (APPA). With this in mind, it only seems worthwhile to allow pets into your rental property.
Doing so may help your rental business in a number of ways. One, you’ll have a large tenant pool to choose from. This may mean an easier time getting a good quality tenant. Two, it may help your property stand out from the competition because very few of them allow pets.
Thirdly, allowing pets into your Tacoma rental property may help you charge higher rent.
That said, allowing pets does come with some disadvantages. Perhaps the most significant one being property damage. Pets can scratch, rip, and tear walls and furniture.
Try to look at it this way, though. If very few properties allow pets, then a tenant occupying your property may have to think twice about vacating.
Tip #5: Communicate the right way.
The rental business is a service industry.
Take into consideration how your tenants like to communicate.
Are you renting to a baby boomer or a traditionalist?
If so, then you may find one group prefers one communication method over the other.
If renting to millennials, then consider communicating via text messages. As a matter of fact, a study found millennials prefer text messaging over other forms of communication due to its promptness and convenience.
Tip #6: Reward good tenants.
Rewarding tenants will help them see how much you value their comfort and happiness in your property. If executed properly, rewarding your tenants can help lower your tenant turnovers greatly.
After all, it’s all about having a property that continues to generate income for you every month.
You can incentivize good tenants in various ways. For instance, when they live in your property for a certain period of time. Or, when they pay rent on time every month for a certain period of time.
The reward doesn’t have to be anything fancy. You could, for example, allow them to paint certain rooms a color of their choice. You could also offer them a temporary discount on rent.
There you have it. 6 tips to keep your Tacoma renters happy. Happy tenants mean positive cash flow, less property damage, and lower tenant turnover rate.
If you still feel like your tenants aren’t happy, contact us at Tacoma PMC. Let us help you.